Ever since the American tariff on India has been 50 percent. Since then, India has intensified efforts to increase trade cooperation with other countries and increase exports. Especially India’s focus on Gulf countries has increased a lot. So that our exports can be increased as much as possible with cheap oil imports from there. The country’s Prime Minister is going on a visit to Jordan, Ethiopia and Oman. Before that the country’s cabinet has approved FTA with Oman. Let us also tell you what news has come out.
PM Modi will leave
The Union Cabinet led by Prime Minister Narendra Modi on Friday approved the Free Trade Agreement (FTA) between India and Oman. This bilateral trade agreement is expected to further strengthen the economic relations between the two countries and open new avenues of trade and investment. Prime Minister Modi will leave on a four-day visit to Jordan, Ethiopia and Oman from December 15. This will be his second visit to Oman. Earlier, the Shura Council, the lower parliament of Oman, had approved Oman’s free trade agreement with India. Negotiations for the trade agreement, officially called CEPA (Comprehensive Economic Partnership Agreement), formally began in November 2023.
Gulf countries are important for India
Oman is the third largest export destination for Indian traders among the Gulf Cooperation Council (GCC) countries. The Commerce Ministry said on Wednesday that after the approval of the competent authority, the draft Cabinet Note has been sent to the concerned ministries for signature and confirmation. Both parties are now in the process of obtaining internal approvals. On Wednesday, the Shura Council (Majlis Ashura) completed its discussions on the draft of CEPA. At the conclusion of the discussion, the Council approved the free trade agreement.
trade between the two countries
According to PTI report, India-Oman bilateral trade in 2024-25 will be around US $ 10.5 billion (US $ 4 billion exports and US $ 6.54 billion imports). India’s major imports were petroleum products and urea, which accounted for more than 70 percent of total imports. Other major products are propylene and ethylene polymers, pet coke, gypsum, chemicals, iron and steel and crude aluminium.